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Edited By: Macartan Humphreys, Jeffrey D Sachs and Joseph E Stiglitz
The wealth derived from natural resources can have a tremendous impact on the economics and politics of producing countries.
In this volume, leading economists, lawyers, and political scientists address the fundamental channels generated by this wealth and examine the major decisions a country must make when faced with an abundance of a natural resource. They identify such problems as asymmetric bargaining power, limited access to information, the failure to engage in long-term planning, weak institutional structures, and missing mechanisms of accountability. They also provide a series of solutions, including recommendations for contracting with oil companies and allocating revenue; guidelines for negotiators; models for optimal auctions; and strategies to strengthen state-society linkages and public accountability.
"This book offers practical policy solutions...for scholars and policy makers seeking to tackle this devastating issue." - George Soros.
A primer on ways governments and multinationals can ensure that resource wealth becomes not a curse but rather a source of sustained wealth. -- Canadian Business
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